Every stock company authorized to do business in the District shall have and shall at all times maintain a paid-up capital stock of not less than $300,000, and a surplus of not less than $300,000. Every domestic mutual company and every domestic reciprocal company shall have and shall at all times maintain a surplus of not less than $300,000 and every foreign or alien mutual company and every foreign or alien reciprocal company shall have and shall at all times maintain a surplus of not less than $400,000.
(Oct. 9, 1940, 54 Stat. 1070, ch. 792, ch. II, § 13; Apr. 16, 1966, 80 Stat. 121, Pub. L. 89-399, § 1(b); Aug. 14, 1973, 87 Stat. 304, Pub. L. 93-89, title IV, § 401.)
1981 Ed., § 35-1516.
1973 Ed., § 35-1316.
This section is referenced in § 26-1301, § 31-308, and § 31-2502.02.
Independent certified public accountant, report demonstrating minimum capital and surplus requirement, see § 31-308.
Security, guarantee, indemnity, loan, and mortgage business, capital stock, see § 26-1301.
Surplus required for operation under Lloyd’s plan, see § 31-2502.20a.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 25 - Fire, Casualty, and Marine Insurance
Subchapter II - Powers and Duties of the Commissioner
§ 31–2502.01. Records of Commissioner; rules and regulations
§ 31–2502.02. Certificate of authority to do business — Issuance or renewal
§ 31–2502.03. Certificate of authority to do business — Revocation or suspension
§ 31–2502.04. Cessation of business
§ 31–2502.05. Receivership proceedings. [Repealed]
§ 31–2502.06. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.07. Receivership proceedings; insolvency; impairment. [Repealed]
§ 31–2502.08. Required annual financial statements. [Repealed]
§ 31–2502.09. Making or publishing material false statements
§ 31–2502.11. Kinds of insurance authorized
§ 31–2502.12. Limitations on exposure to risks or hazards
§ 31–2502.13. Minimum capital and surplus requirements
§ 31–2502.14. Applicability of provisions to existing companies
§ 31–2502.15. Formation of domestic companies
§ 31–2502.16. Acquisition, use and disposition of real estate by domestic companies. [Repealed]
§ 31–2502.17. Power of domestic mutual companies to borrow or assume liability
§ 31–2502.18. Investment of funds by domestic companies. [Repealed]
§ 31–2502.19. Exclusive agency contracts of domestic companies
§ 31–2502.20. Authority to transact business — Foreign or alien companies
§ 31–2502.20a. Authority to transact business — Lloyd’s organizations
§ 31–2502.23. Service of process upon foreign or alien companies. [Repealed]
§ 31–2502.25. Premiums of mutual companies
§ 31–2502.26. Company reserves. [Repealed]
§ 31–2502.26a. Actuarial opinion of reserves
§ 31–2502.26b. Confidentiality of actuarial opinions, summaries, reports, and workpapers
§ 31–2502.27. Filing and approval of policy forms
§ 31–2502.28. Rate and form filing requirements for accident and health policies
§ 31–2502.29. Discriminations prohibited
§ 31–2502.30. Powers of agents, salaried employees and brokers. [Repealed]
§ 31–2502.31. Compensation of unlicensed persons prohibited
§ 31–2502.32. Procedure for obtaining licenses [Repealed]
§ 31–2502.33. Effective dates [Repealed]
§ 31–2502.34. Temporary transfer of licenses [Repealed]
§ 31–2502.35. Renewal of licenses [Repealed]
§ 31–2502.36. Revocation and suspension of licenses [Repealed]
§ 31–2502.37. Unauthorized solicitation or representation [Repealed]
§ 31–2502.38. Exceptions to licensing provisions
§ 31–2502.39. Persons not to act for unauthorized companies
§ 31–2502.40. License to procure policies from unauthorized companies
§ 31–2502.42. Violations of provisions
§ 31–2502.43. Appeals from Commissioner to Mayor [Repealed]